Which of the following statements about revenue recognition steps is true?
a) Step 1: Identify the contract with the customer involves recognizing revenue when cash is received.
b) Step 2: Identify the performance obligations involves determining the standalone selling price of each distinct good or service.
c) Step 3: Determine the transaction price involves recognizing revenue at the end of the contract period.
d) Step 4: Allocate the transaction price involves recognizing revenue evenly over the contract period.